Beneficiary Designation Form: Primary Beneficiary: Spouse Outright; Secondary Beneficiary: Children Outright Subject to Trust for Children Younger than Age 35 (2 Pages)
This Form provides for an outright disposition of the Plan benefit to the surviving spouse. If there is no surviving spouse, the Plan benefit passes to children and other descendants (by right of representation) outright. However, if any child or other descendant has not yet reached age thirty-five, the Plan benefit is directed to be paid to a Trust for the benefit of any person under age thirty-five until that age is reached. The Form provides for two alternative dispositions here – the first to a Trust already created by the participant’s planning (insert an appropriate cross-reference here) - the second alternative establishes a Trust intended to continue until age thirty-five is reached (insert the name of the trustee, a possible successor, and any other desired trust terms here). Note that in both alternatives, the trustee is instructed to comply with the rules addressing required minimum distributions.
This Form provides for an outright disposition of the Plan benefit to the surviving spouse. If there is no surviving spouse, the Plan benefit passes to children and other descendants (by right of representation) outright. However, if any child or other descendant has not yet reached age thirty-five, the Plan benefit is directed to be paid to a Trust for the benefit of any person under age thirty-five until that age is reached. The Form provides for two alternative dispositions here – the first to a Trust already created by the participant’s planning (insert an appropriate cross-reference here) - the second alternative establishes a Trust intended to continue until age thirty-five is reached (insert the name of the trustee, a possible successor, and any other desired trust terms here). Note that in both alternatives, the trustee is instructed to comply with the rules addressing required minimum distributions.
Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.
He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.
Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others. He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.
The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.
Contact the Siegel Group through its president, Steven G. Siegel, e-mail: [email protected].
